HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is let.
Your tax dates for the month ahead.
HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.
Here’s an example of the tax savings that could be made:
Take David, he sells a second home realising a gain of £100,000 and so has a capital gains tax liability at 28% i.e. £28,000. (presuming he has already used his annual exemption).
Have you ever struggled to find the answer to something or create a solution that sticks? Sometimes it can be because you haven’t got to the real heart of the issues – and that’s where questioning techniques can be so useful.